Noteworthy Wednesday Option Activity: NVDA, PYPL, MU

Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in NVIDIA Corp (Symbol: NVDA), where a total volume of 2.0 million contracts has been traded thus far today, a contract volume which is representative of approximately 198.5 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 119.2% of NVDA's average daily trading volume over the past month, of 166.5 million shares. Particularly high volume was seen for the $180 strike call option expiring February 04, 2026, with 106,295 contracts trading so far today, representing approximately 10.6 million underlying shares of NVDA. Below is a chart showing NVDA's trailing twelve month trading history, with the $180 strike highlighted in orange:

PayPal Holdings Inc (Symbol: PYPL) options are showing a volume of 251,106 contracts thus far today. That number of contracts represents approximately 25.1 million underlying shares, working out to a sizeable 111.8% of PYPL's average daily trading volume over the past month, of 22.5 million shares. Especially high volume was seen for the $35 strike put option expiring September 18, 2026, with 10,070 contracts trading so far today, representing approximately 1.0 million underlying shares of PYPL. Below is a chart showing PYPL's trailing twelve month trading history, with the $35 strike highlighted in orange:

And Micron Technology Inc. (Symbol: MU) options are showing a volume of 405,418 contracts thus far today. That number of contracts represents approximately 40.5 million underlying shares, working out to a sizeable 107.7% of MU's average daily trading volume over the past month, of 37.6 million shares. Especially high volume was seen for the $450 strike call option expiring February 06, 2026, with 15,240 contracts trading so far today, representing approximately 1.5 million underlying shares of MU. Below is a chart showing MU's trailing twelve month trading history, with the $450 strike highlighted in orange:

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